Freestanding Storefront with Drive-Through
For Sale
$995,000
2301 N Triphammer Rd, Ithaca, NY 14850
Standalone commercial building with a paved, lighted driveway, municipal services, and on-site parking.
Property Size3,003 SF
Lot Size1.29 Acres
Price / SF$331.34
Days on Market2490
Property Features for 2301 N Triphammer Rd
General Information
Standard status
Active
Size
3,003 SF
Lot size
1.29 Acres
Property subtype
Retail
Zoning
Commercial High Traffic Zoning
Site & Location
Anchor Co-Tenants
Aldi's Food Market, Planet Fitness, Tru Value, Dollar Tree, Big Lots
Highway Access
Yes
Utilities to Site
Yes
Amenities
3
Lighted, Paved Driveway.
Building Details
Buildings
1
Listing Agency:
Co
(607) 277-2327
Listed By:
Pyramid Brokerage Company
Source:
Xome
Added: Nov 5, 2019
Changed: Aug 30
Last Checked: Aug 30 at 1:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Co
Investment Insights
Based on property information with market context.
This freestanding storefront property includes a 3,003-square-foot commercial building on 1.29 acres. The existing structure can be adapted for a different use, while the site also supports new construction. Zoning permits drive-through development and allows restaurant, fast-food, motel, and hotel uses, among others. Municipal services are available, and the property includes on-site parking with a lighted, paved driveway.
The site is at 2301 N Triphammer Rd in Ithaca’s Northeast Business District, just off NYS Rte. 13 near the Triphammer Road Exit. It is located within the Cayuga Mall, alongside Aldi’s Food Market, Planet Fitness, Tru Value, Dollar Tree, and Big Lots. Additional nearby businesses include Tops Market, Applebee’s, Econo Lodge, Cayuga Blu Hotel, and Shops at Ithaca Mall. Cornell University, Downtown Ithaca, and the regional airport are a short drive away.
The site is at 2301 N Triphammer Rd in Ithaca’s Northeast Business District, just off NYS Rte. 13 near the Triphammer Road Exit. It is located within the Cayuga Mall, alongside Aldi’s Food Market, Planet Fitness, Tru Value, Dollar Tree, and Big Lots. Additional nearby businesses include Tops Market, Applebee’s, Econo Lodge, Cayuga Blu Hotel, and Shops at Ithaca Mall. Cornell University, Downtown Ithaca, and the regional airport are a short drive away.
Key Highlights
- 3,003‑square‑foot freestanding commercial building
- 1.29‑acre site with on‑site parking
- Zoning allows drive‑through development
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,838
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$776,760
$776.8K
Cap Rate 7%
$554,829
$554.8K
Cap Rate 9%
$431,533
$431.5K
Market Conditions
NOI Build-Up for 3,003 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$54.1K $18.00/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$51.8K $17.24/SF
− OpEx
−$12.9K −$4.31/SF
NOI
$38.8K $12.93/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$776,760
Cap Rate 7%
$554,829
Cap Rate 9%
$431,533
Alternative Uses
Best Use
Specialty Retail
$554.8K
$485.5K – $647.3K
NOI $38,838 @ 7.0% cap · market cap 3.90%
Second Best
Retail
$545.5K
$477.3K – $636.4K
NOI $38,182 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$937.1K
$819.9K – $1.09M
NOI $65,595 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
166k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 28%
Groceries 26%
Dining 25%
Home Improvements & Furnishings 12%
Tops Friendly Markets
Groceries
32,367 visits/mo
0.3 miles
McDonald's
Dining
30,895 visits/mo
0.4 miles
Ace Northeast Hardware
Home Improvements & Furnishings
18,480 visits/mo
0.2 miles
Jo-Ann Fabric and Craft
Shops & Services
14,272 visits/mo
0.2 miles
Best Buy
Electronics
12,314 visits/mo
0.5 miles
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Standalone commercial building with a paved, lighted driveway, municipal services, and on-site parking.
Where is this storefront property located?
The property is located at 2301 N Triphammer Rd Ithaca, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,003‑square‑foot freestanding commercial building; 1.29‑acre site with on‑site parking; Zoning allows drive‑through development
